Han Chen
This listing was posted on RealtyWW.
$2,199,000
Home For Sale In Los Angeles, California
Price:
$2,199,000
BR/BA:
10+ BR, 8 BA
Location:
259 N Burlington Ave, Los Angeles, CA
Description:
62% Vacant! 5.71% CAP Rate - 5 out of 8 units are vacant and fully upgraded. 259 N Burlington Ave, an 8-unit Semi-Value-Add and High Vacancy (62% vacant) Opportunity in the Heart of the Historic Filipino Town. The property is three blocks from Echo Park Lake and centrally located near East Hollywood, Koreatown, Silverlake, Chinatown, and Downtown Los Angeles. This submarket has been on the uptick for years as more and more luxury apartment and retail units pour into the area, pushing the rental market over the last decade. Priced to sell at a strong CAP Rate of 5.70% and a proforma CAP Rate of 8.40%, this investment offers a very attractive rental upside of 33%. Built-in 1960, 259 N Burlington Ave consists of 8 exceptional units totaling 5, 041 SF of building area on a sizeable 6, 000 SF lot. The property is an easily maintained two-story building with a strong unit mix of (2) Two bedrooms + One Bathroom and (6) One Bedroom + One Bathroom Units. (1) Two-bedroom unit is a recently built ADU (Non-rent-control, buyer to verify), which was finished at the beginning of 2024. Deliverable with 5 Rent Ready Vacancies to provide robust CAP Rate of 5.70%, low GRM 12.40, and this investment offers a significant rental upside of 33%. The ownership has recently completed many significant capital improvements to the property, including a new two-bedroom + one-bathroom ADU. The vacant units have been completely upgraded with new flooring throughout, brand new kitchen complete with stainless steel appliances, a fully updated bathroom with modern features, brand-new AC Systems, and In-Unit Washers and dryers. The property also features 4-Tuck Under Parking spaces in the back. Seismic Retrofit has already been completed.For more details: https://realtyww.info/homes_los-angeles-d523223/for-sale_i70021802
Visit Our Partner Website
This listing was posted on another website. Click here to open: Go to RealtyWW
Important Safety Tips
These might be signs of fraud:
- Really cheap prices
- Irregular email adresses
- Contact info in pictures
To learn more, visit the Safety Center or click here to report this listing.
More About this Listing: Home For Sale In Los Angeles, California
Home For Sale In Los Angeles, California is a 10+ BR Eight Bath Single-Family Homes for Sale at 259 N Burlington Ave in Los Angeles CA. Find other listings like Home For Sale In Los Angeles, California and listings near 259 N Burlington Ave by searching Oodle Classifieds for 10+ BR Eight Bath Single-Family Homes for Sale in Los Angeles CA.
Home For Sale In Los Angeles, California is a 10+ BR Eight Bath Single-Family Homes for Sale at 259 N Burlington Ave in Los Angeles CA. Find other listings like Home For Sale In Los Angeles, California and listings near 259 N Burlington Ave by searching Oodle Classifieds for 10+ BR Eight Bath Single-Family Homes for Sale in Los Angeles CA.